Category: C21 Lady of the Lakes - page 6

Like it or not the environment that we currently live in is one that thrives around the infusion of technology including the real estate market.  2017 is predicted to be a dominating year for real estate.  It is expected that homes will spend less time on the market now into the future than any other time in history.  With advancements in technology surrounding the real estate market all aspects, from finding a home to applying for a mortgage are sure to take less time than ever before.

2017 Real Estate Predictions

• The speed at which houses sell will increase, the housing market itself will continue to grow but the rate at which this occurs may slow a bit. The reason for this is due to the decline in affordable houses available to those families living within the median income level.  It is forecasted that the availability of affordable homes will continue to decline.
• Real estate professionals and contractors alike believe that the growth of new construction homes will begin to slow into 2017. There are a number of reasons for this including a shortage of skilled construction workers.  This will ultimately affect the number of affordable starter homes thus leading to an increase in the price first-time home buyers can expect to pay for a new home.
• With a new president elect set to take over, the economic climate is set to change. Mortgage rates will see a slight hike but should not climb much over four percent.  We should see economic growth and continued inflation which will help to keep rates low throughout 2017.
• Home loans will become more accessible. Mortgages requiring as little as one to three percent down will be introduced within a variety of financial institutions and Fannie Mae and Freddie Mac will increase the size of the loans that they will back.
• Growth in real estate in larger cities will take a back seat to the growth seen in second-tier cities. Commuting into larger metropolises while living in outlying locations will lead a trend in new construction in suburbs.

The concept of moving now-a-days is much different from the past.  It used to be that homeowners would own one or two homes in their lifetimes.  It was important to stay put, build roots and create memories.  Today, with real estate technology easing the transaction more and more people are moving to upgraded homes instead of upgrading the home they live in.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

2017 is the year many people have decided to become homeowners.  Right now is the perfect time to start preparing for your real estate endeavor.  Before the spring real estate season gets on its way it is time to take the necessary steps to make your house hunt successful.

Credit Report:  In order to purchase a house most first time home buyers will need to take out a mortgage.  In order to qualify for a mortgage you will need a decent credit score.  Now is the time to check out your credit report.  Home loan lenders use your credit score to set mortgage terms and interest rates.  It is crucial that an accurate report of your financial history is received when lenders are looking at your most recent credit report.  If there are errors this gives you time to fix the issues before you need to apply for your first home loan.

Budget:  This is a crucial step in buying your first home.  Many times lenders will pre-approve you for a home loan that is way over what you will feel comfortable spending each month.  Create a budget that accurately represents the amount of money you have coming in and going out each month.  The rule of thumb is to not spend more than thirty percent of your take home income on a mortgage payment.  This monthly payment should include both taxes and insurance.  An online calculator can help while you are going over your budget.  Online mortgage calculators can help you to determine how much house you can actually afford.

Down payment: Having a down payment is important.  Hopefully you have been stocking money aside to put towards the purchase of your first home for a while now.  If you have been saving for a down payment in a number of places now is the time to consolidate those funds.  Put these funds into one savings account at least three months prior to buying your first home.  This is beneficial as your mortgage lender will not need to track down where all of the money originated from.

Needs/Wants:  Once you have determined how much you have to put down as a down payment and know how much you can afford in a home it is important to create a master list of needs and wants out of a home.  Some features in a home are negotiable while others aren’t.  It is important to lay out what you need out of a home.  Consider the following things: location, schools, commute time, nearby amenities and housing features such as the number of bedrooms, bathrooms, and more.  Would you rather have a home that is in need of some work or one that is move in ready?  Having a list in place will make it much easier for both you and your real estate agent narrow down the selection of homes to view as you begin your search.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Will you be shopping for a new home in 2017?  Below is some insight into the real estate market and what home buyers can expect as they begin their hunt for either a new home or their first home.

The real estate market has been affected due to the election that recently occurred.  Interest rates on home loans and refinancing have risen point fifty percent over the past two months.  Even with this increase the housing market on a whole remains strong.  It is important to consider that the market could see a rise in real estate markets under this new leadership.  The prospect of higher interest rates and increased real estate costs may create a sense of urgency amongst buyers going into the spring season.

The traditional timing of first time buyers is changing.  People are no longer waiting until they are married to look into homeownership.  More single people are choosing to purchase homes than ever before.  The 2017 real estate market will see more and more home buyers that are single verse real estate trends of the past in which typically home buyers were married couples.

Those seeking investment properties most often have the same goal, price appreciation.  If the goal for 2017 is to acquire additional properties as investments look where home values are set to increase the most.  For almost all areas larger price increases can be seen on property within larger metropolitan areas.  Not only property values increase either.  The amount of rent that can be charged is significantly higher than the rural area surrounding the metropolis.

It is critical that first time home buyers concern themselves with more than just the initial down payment.  The costs of obtaining a mortgage are additional to the actual down payment on a home.  A home costing $150,000 could require a twenty percent down payment and two percent closing costs.  Thus the amount due at closing would be $30,000 for the down payment and upwards of $3000 for the closing fees.

It is also important for first time home buyers to have a nest egg of funds put aside for unexpected emergencies that can arise with homeownership.  Inspections are not a hundred percent failure proof.  Sometimes there are things that aren’t noticed until you are living in the home.   Maybe the water backs up when you are running the dishwasher and washing machine.   This may not be something caught during the inspection process. The nature of the issue is not something that is common for home inspectors to look into during the home inspection process.  These small issues can add to the financial pinch of a new mortgage and should be planned for ahead of time.  The last thing new homeowners want to do is to put debt on to credit cards.  A cash emergency fund is the best way to handle the unforeseen.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Purchasing your first home comes with many trials and tribulations.  In the first year after closing there are many valuable lessons to be learned.  Here are some things to think about as you begin the process of going from renting to buying.

Think About The Future:  When buying your first home it is easy to get caught up.  At the time you can’t imagine that you will ever need to sell this home you are about to start building your future in.  This however can’t be further than the truth.  The truth is the first home you purchase will most likely not be the last one you purchase.  No matter where you are at or what stage you are at it is important that you take into consideration how difficult it will be to eventually sell when you are ready for the next step.

Checklist:  When you are purchasing your first home, second or third, you will find it is quiet an emotional process.  It is quite possible to overlook things when your emotions start to take over.  Before starting your adventure into buying your first home create a checklist of must-haves, nice-to-haves and other essentials.  Print the list and take a copy with you to each and every house you visit.    Also bring with you a camera.  If you fall in love with a home but with your checklist and photos show that the house doesn’t have any of the must-haves then at least it will make you rethink the purchase?

Budget For Housing Expenses:  When considering what you can don’t just consider the principal, interest, taxes and insurance.  You must take into account the amount you will spend on utilities, home improvement upgrades and costs to commute.  Can you afford the house, the extra expenses while living the life style you have become accustomed to?

Look Into The Neighborhood:  Check out the neighborhood.  Is it a neighborhood that is full of children and growing families?  Do you enjoy the chitter-chatter of kids or will it drive you crazy?  Is the neighborhood full of older adults whose families have grown?  Did you plan on having kids?  Will the lifestyle you are considering for your future fit within the existing neighborhood?

Look Beyond The Staging: We all think we are smart enough that we will not fall for the tricks that are used in staging however the psychology of staging works.  Homes look better when they are occupied.  When you are truly looking to say yes to a home it is important to remove the staging setup from your mind and consider your belongings in the layout of the home. Just because lights are sitting on the nightstands doesn’t mean that there are plugs there to go with it.  Staging can play games with your emotions.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

There comes a time when buying a home becomes more practical then continuing to rent.  Right now the market is at a point where renting is actually more expensive monthly than buying.  Renting has a few benefits that buying doesn’t but instead that if you are interested in buying a home now is a great time to enter the market.  Here are five questions to ask yourself when narrowing down your homeownership goals:

• What type of home situation best meets your needs?

There are a variety of residential home styles to choose from when you are looking to purchase. Consider all of your options including: traditional style single family homes, duplexes, townhouses, condominiums, co-op’s and multi-family buildings.  There are pros and cons of each and depending on your homeownership goals at the moment will help establish the style of home you should focus on finding.

• What are must have features you are looking to have in a home?

When buying a home there are certain features that are must-haves, some that would be nice and some that are downright unnecessary but would be a dream.  Create your own list and make sure that it offers a bit of flexibility.  You deserve a home that offers you exactly what you want!

• What type of mortgages do you qualify for?

Before you hire a realtor meet with a mortgage broker to determine how much you can pre-qualify for and what types of mortgage options are available for your current situation.  Knowing how much a lender will lend will give you a starting point on the price range of homes you should be focusing in on.  Before you begin searching for a mortgage or home get your personal finances in order.  Make sure your credit is in order, you have a solid history of paying your bills on time, substantial savings and a maximum debt to income ratio of no more than thirty six to forty three percent.

• What amount can you afford to take on monthly?

Another thing to consider after finding out how much a lender will lend is how much you actually feel comfortable paying each month.  Consider the amount of the mortgage, interest, insurance along with utilities and other monthly bills you have.  You will want to be comfortable with the amount that you will be spending each month.  The last thing you want is to be house poor without any money to spare each month.

• What does your savings account look like?

In order to purchase a home it is important to have a down payment, closing costs and money for the incidentals that will arise after you move in.  Take time to build up a substantial savings before you get serious about looking to find a home of your dreams.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

Autumn is literally right around the corner.  The kids are back in school, the weather is becoming a bit more bearable and there is downtime between summer vacations and the holidays.  There is no doubt why fall is the second best season in real estate especially when it comes to selling your home.  Not only do the colors start to explode amongst the trees, for sale signs also start to reappear.  Below you will find some of our top tips to help sellers attract autumn home buyers.

Shape Up the Landscape

In order to attract buyers a home must appear well maintained inside and out.  Make sure to take time to rake up fallen leaves and clean debris before it settles.  Overgrown vegetation should be trimmed including small bushes and large trees around the home.  Dead flowers should be cut down and prepared for next spring and vine growth should be eliminated to enhance the exterior of your home.

Create an Autumn Atmosphere

Curb appeal is everything when it comes to selling your home for top dollar.  One way to enhance the feeling of warmth and fall is add a little bit of it to your home.  Take advantage of the beauty that comes from all things fall like corn stalks, pumpkins and mums.  Accent walkways and entrances to add to the fall appeal.

Window Washing

Everyone considers spring cleaning however the momentum often dies going into the fall season.  When looking to sell your home during the fall real estate season it is beneficial to thoroughly was dusty, streaked windows.   Clean off pet prints and wipe down window ledges.  The little details may not get noticed when they are on point but if they are left uncared for you can guarantee that buyers will take note.

HVAC Maintenance

Just as homeowners take time to have central air conditioning system evaluated at the beginning of the spring season, heating systems should be checked as well at the beginning of fall.  You will want your home to smell clean and dust free.  A dirty heating system says a lot about your home that you don’t want it to.  Replace furnace filters, have vents cleaned and do the yearly maintenance that needs to be done to ensure your system is running efficiently and clean.

Prepare Fall Edibles

The scent of fall is quiet attractive and should be used to your advantage during open houses and home visits.  Fresh apple cider smells, pumpkin spice cupcakes or leaf cut out cookies left out on the counter are all ways to welcome guests into your home.  People looking to purchase a home want it to be warm, cozy and inviting.  Make sure that appeal is what they feel when they first arrive.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

When it comes to selling a house in today’s market many sellers are in for a culture shock.  Today’s buyers are different than they were five years ago.  Buyers are demanding.  In this technology savvy world we live in buyers want to see homes when their schedule permits.  It is no longer about the seller and creating the perfect ambiance for selling a home; today’s buyers want convenience and they aren’t about to wait for an open house to get what they want.  Long gone are the days of baking cookies and creating the perfect, warm home introduction.

When you decide to sell your home the first step that you should make is to call in a trusted professional.  Real estate agents help to eliminate the emotional aspect of the transaction.  This greatly improves the chance of a quick sale.  Below is a sample action plan that most realtors will use when working with you to sell your home.

One debate that exists is if a seller should buy a new home before they have sold theirs.  Is it necessary to carry two mortgages?  The answer is no.  Sell your home before you buy a new one.  A few scenarios’ can play out all of which are better than paying two mortgages.  Many buyers are willing to work with a seller if they need additional time in the home by renting it back to the seller for a few months while they find a new home.  Another option that is common is a short term rental.  The one thing you are looking to avoid is buying a home contingent on the sale of yours especially in a market where you are up against other bidders.

No longer are the good ole days of throwing a for sale sign in the yard and calling it a day.  Homes don’t get sold unless they are properly marketed.  Buyers are looking for photos, videos, floor plans, staging ideas and more.  They are looking at homes online and through social media.  Long gone are the days of Sunday drive by’s where buyers are deciding which homes to look at.  If they don’t see what they want to out of the online marketing campaign you and your realtor have set up then you won’t have to worry about setting up a time for them to see the house in person.

Selling a home today requires buyers to have immediate access to have their questions answered immediately.  Without a solid internet presence and marketing plan in place your home will sit stale on the market for months waiting for those far and few between drive-by buyers.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.

It can be a challenge to sell your home.  This is especially true in a market saturated with homes for sale.  When buyers have lots of options available to them they don’t have to buy what you are selling.  If your home is just one of a million available on the market today it is crucial that you aren’t sloppy when putting it up for sale.

Don’t price your home out of the market:  You know what you paid for your home when you bought it and you know what you have invested into but that doesn’t mean you know how much it should sell for.  Your house is not worth a penny more than what the market is willing to purchase it for.  The market may have gone up or it may have gone down since you initially purchased your home.  When setting an asking price for your home it is important that you don’t overprice your home.  A home that has a high asking price may discourage parties that are interested in making an offer.  Your goal is to sell your home not show it for six months.  Take into consideration homes that are comparable to yours and be willing to set an asking price that is equivalent.

Don’t go it alone: There are a number of mistakes that can be made in any real estate transaction.  Without the proper understanding of exactly what is entailed in selling your home it is wise to hire a professional realtor to guide you through the process.  Working with a local real estate agent is helpful in a number of ways.  First, they are familiar with the local area, the selling price of similar homes in the area and know a reasonable offer when it is given. They have experience on counter offers and can help you negotiate a contract that is fair and appropriate for the market you are in.

Another benefit of using a real estate agent when selling your home is the additional marketing tools and connections that have available to them.  Selling your home in a competitive market is much more than just sticking a sign in the yard and watching buyers come pouring in.  Today real estate is all about marketing.  Your home needs to be on the internet throughout social media, video tours and public open house advertisements with additional pictures of the home.  Sellers can no longer get by on putting a sign in the yard, word of mouth and drive-by’s.

The process of selling your home can be emotional.  A real estate agent can help you through the sentimental aspect while understanding the business side.  With the right price and proper marketing your home has the potential to have a number of buyers interested before it is even officially listed by the real estate agent.

Lady of the Lakes Real Estate is Livingston County’s premiere realtor; out of Pinckney, Michigan helping buyers buy and sellers sell homes that provide a recreational lifestyle including golf courses, lakes and the Huron river chain of lakes, throughout Brighton, Howell, Pinckney and the surrounding area. Find out more at http://www.ladyofthelakes.com.